24Q1收入复苏，结构优化

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 11.76 CNY [8][9]. Core Views - The company reported a revenue recovery in Q1 2024, with a year-on-year increase of 23.0% to 860 million CNY, while the net profit attributable to the parent company decreased by 17.5% to 42.69 million CNY [8]. - The decline in profit is attributed to strategic investments in building its own brand, leading to increased marketing and sales expenses [8]. - The company has been expanding its domestic brand influence, with significant growth in online sales channels, particularly during the "Double Eleven" shopping festival, where sales of its proprietary brand products increased by 256% [8][9]. Financial Summary - The company's revenue for 2023 was 3.54 billion CNY, a decrease of 12.8% year-on-year, while the net profit attributable to the parent company was 300 million CNY, down 11.1% [8][10]. - The gross margin for 2023 was 22.9%, an increase of 3.6 percentage points year-on-year, and the net margin was 8.6%, up 0.3 percentage points [8]. - The company plans to distribute a dividend of 130 million CNY for 2023, with a payout ratio of 44.5% [8]. Growth Projections - The report adjusts profit forecasts, estimating net profits for 2024, 2025, and 2026 to be 330 million CNY, 420 million CNY, and 500 million CNY respectively, with corresponding P/E ratios of 12X, 9X, and 8X [9][10]. - Revenue is projected to grow significantly in the coming years, with expected increases of 25.31% in 2024, 20.67% in 2025, and 16.69% in 2026 [10][17]. Market Strategy - The company is focusing on enhancing its marketing strategies and expanding its sales channels, including entering major retail chains and developing cross-border e-commerce capabilities [8][9]. - The establishment of new production bases in Romania and Vietnam is aimed at optimizing costs and improving operational efficiency [8][9].